DSP Arbitrage fund vs JM Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Arbitrage fund and JM Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, DSP Arbitrage fund (Direct) returned 7.2% a year and JM Arbitrage Fund (Direct) returned 6.9% a year. DSP Arbitrage fund charges 1.17% a year and JM Arbitrage Fund 1.42% (Direct plans). Their portfolios overlap 44.4%: they hold 102 of the same securities.
Which is better, DSP Arbitrage fund or JM Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP Arbitrage fund returned more over 5 years: 6.7% a year against 6.4%.
- DSP Arbitrage fund returned more over 3 years: 7.2% a year against 6.9%.
- DSP Arbitrage fund costs less: 1.17% a year against 1.42% (Direct plans).
- DSP Arbitrage fund swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- JM Arbitrage fell less in its worst fall since 29-01-2018: −0.5% against −0.6%.
- DSP Arbitrage fund is the larger fund: ₹6,720 Cr against ₹341 Cr.
- Their portfolios overlap 44.4%: 102 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | DSP Arbitrage fund | JM Arbitrage Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | JM Financial Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹6,720 Cr (30-09-2026) | ₹341 Cr (30-09-2026) |
| NAV | ₹16.99 (Direct) | ₹37.71 (Direct) |
| Expense ratio (Direct) | 1.17% | 1.42% |
| Expense ratio (Regular) | 1.81% | 2.07% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 25-01-2018 | 18-07-2006 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Kaivalya Nadkarni, Karan Mundhra | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar |
| Exit load | Exit Load for units in excess of 10% of the investment,0.25% will be charged for redemption within 15 days. | 0.5% of NAV on all investment (including SIP/STP/SWP) transactions, if redeemed / switched - out within 30 days of transfer / allotment of units in normal transactions / allotment of units of respective installments in SIP/STP/SWP transactions. |
DSP Arbitrage fund vs JM Arbitrage: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| DSP Arbitrage fund (Direct) | +0.49% | +1.47% | +3.15% | +6.49% | +7.18% | +6.68% | -- |
| JM Arbitrage Fund (Direct) | +0.52% | +1.53% | +3.14% | +6.43% | +6.94% | +6.44% | +5.63% |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
Category average: the average of the 39 Arbitrage funds, same plan type.
DSP Arbitrage fund vs JM Arbitrage: Year-wise Returns
| Year | DSP Arbitrage fundDSP Arbitrage fund | JM ArbitrageJM Arbitrage |
|---|---|---|
| 2026to date | +5.29% | +5.21% |
| 2025 | +6.88% | +6.61% |
| 2024 | +8.18% | +7.96% |
| 2023 | +7.80% | +7.39% |
| 2022 | +4.68% | +4.62% |
| 2021 | +4.02% | +3.16% |
DSP Arbitrage fund vs JM Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,416 of them, one for each trading day from 29-01-2021 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
DSP Arbitrage fund (Direct)
JM Arbitrage Fund (Direct)
to
Jul 2021Jul 2019
to
Jul 2022Jun 2020
to
Jun 2023Jun 2021
to
Jun 2024Jun 2022
to
Jun 2025May 2023
to
May 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Arbitrage fund | 0.0 | 23.7 | 76.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 5.8% | 4.3% | 7.7% |
| JM Arbitrage | 0.0 | 50.0 | 50.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.4% | 5.0% | 3.4% | 7.4% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 29-01-2018. Past returns do not promise future returns.
DSP Arbitrage fund vs JM Arbitrage: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 29-01-2018 to 30-10-2026: 106 instalments, ₹10,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP Arbitrage fundDSP Arbitrage fund (Direct) | ₹10,60,000 | ₹14,16,546 | ₹3,56,546 | 6.4% |
| JM ArbitrageJM Arbitrage Fund (Direct) | ₹10,60,000 | ₹13,88,959 | ₹3,28,959 | 6.0% |
DSP Arbitrage fundDSP Arbitrage fund (Direct)
JM ArbitrageJM Arbitrage Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
DSP Arbitrage fund vs JM Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Arbitrage fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.49% | +6.43% |
| Standard deviation | 1.33% | 1.45% |
| Sharpe ratio | 0.93 | 0.82 |
| Sortino ratio | 1.46 | 1.24 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | DSP Arbitrage fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.18% | +6.94% |
| Standard deviation | 1.08% | 1.14% |
| Sharpe ratio | 1.07 | 0.81 |
| Sortino ratio | 1.65 | 1.22 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | DSP Arbitrage fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.68% | +6.44% |
| Standard deviation | 1.01% | 1.06% |
| Sharpe ratio | 0.88 | 0.60 |
| Sortino ratio | 1.33 | 0.90 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | DSP Arbitrage fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.22% | +6.41% |
| Standard deviation | 1.06% | 1.05% |
| Sharpe ratio | 0.85 | 0.34 |
| Sortino ratio | 1.25 | 0.50 |
| Maximum drawdown | −0.6% (25-03-2020) | −0.5% (09-07-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-01-2018 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
DSP Arbitrage fund (Direct)
JM Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Arbitrage fund (Direct) | −0.6% | 16-03-2020 | 25-03-2020 | 31-03-2020 | 6 days | −0.1% |
| JM Arbitrage Fund (Direct) | −0.5% | 29-05-2020 | 09-07-2020 | 21-09-2020 | 2 months | −0.1% |
From daily values since 29-01-2018, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
DSP Arbitrage fund (Direct)
JM Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
DSP Arbitrage fund (Direct)
JM Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
DSP Arbitrage fund (Direct)
JM Arbitrage Fund (Direct)
DSP Arbitrage fund vs JM Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Arbitrage fund, September 2026; JM Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 44.4%
- Held by both
- 102
- Only in DSP Arbitrage fund
- 78
- Only in JM Arbitrage
- 11
| Security | % of DSP Arbitrage fund | % of JM Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.63% | 4.13% |
| Vodafone Idea Limited | 3.05% | 3.40% |
| ICICI Bank Limited | 2.73% | 4.54% |
| Axis Bank Limited | 2.16% | 3.89% |
| State Bank of India | 1.55% | 2.60% |
| Kotak Mahindra Bank Limited | 1.38% | 2.94% |
| Steel Authority of India Limited | 1.32% | 1.18% |
| Adani Energy Solutions Limited | 1.12% | 1.09% |
| Bharat Heavy Electricals Limited | 1.08% | 1.76% |
| Yes Bank Limited | 1.03% | 1.55% |
| Indus Towers Limited | 0.97% | 1.97% |
| Bajaj Finance Limited | 0.94% | 1.33% |
| Canara Bank | 1.21% | 0.88% |
| Jio Financial Services Limited | 0.92% | 0.87% |
| Bharti Airtel Limited | 1.62% | 0.81% |
| Bandhan Bank Limited | 0.79% | 1.90% |
| ITC Limited | 1.69% | 0.79% |
| Tata Steel Limited | 0.78% | 3.27% |
| IDFC First Bank Limited | 0.78% | 1.73% |
| Bank of Baroda | 0.71% | 1.29% |
| HDFC Bank Limited | 4.76% | 0.70% |
| LIC Housing Finance Limited | 0.70% | 0.95% |
| Adani Enterprises Limited | 0.69% | 1.92% |
| JSW Steel Limited | 1.31% | 0.67% |
| Adani Power Limited | 0.61% | 0.77% |
| Indian Hotels Co Limited | 0.56% | 0.94% |
| NBCC (India) Limited | 0.52% | 0.93% |
| Mahindra & Mahindra Limited | 0.52% | 0.80% |
| NMDC Limited | 0.49% | 1.37% |
| Larsen & Toubro Limited | 0.47% | 0.77% |
| Manappuram Finance Limited | 0.47% | 0.56% |
| Crompton Greaves Consumer Electricals Limited | 0.46% | 1.12% |
| Glenmark Pharmaceuticals Limited | 0.74% | 0.41% |
| Biocon Limited | 0.41% | 0.54% |
| Divi's Laboratories Limited | 1.08% | 0.41% |
| Godrej Properties Limited | 0.40% | 0.98% |
| Power Finance Corporation Limited | 0.39% | 1.39% |
| Hindustan Unilever Limited | 0.54% | 0.38% |
| Eicher Motors Limited | 0.37% | 1.76% |
| Aurobindo Pharma Limited | 0.38% | 0.32% |
| Info Edge (India) Limited | 0.39% | 0.32% |
| Tata Consumer Products Limited | 0.32% | 0.31% |
| Life Insurance Corporation Of India | 0.30% | 1.02% |
| Varun Beverages Limited | 0.28% | 1.65% |
| Ashok Leyland Limited | 0.46% | 0.27% |
| Punjab National Bank | 1.62% | 0.27% |
| Asian Paints Limited | 0.26% | 1.09% |
| Sun Pharmaceutical Industries Limited | 0.26% | 0.63% |
| Adani Ports and Special Economic Zone Limited | 0.25% | 0.95% |
| NTPC Limited | 0.24% | 0.27% |
| Shriram Finance Limited | 0.31% | 0.24% |
| TVS Motor Co Limited | 0.28% | 0.23% |
| Indian Energy Exchange Limited | 0.21% | 0.34% |
| HDFC Life Insurance Co Limited | 0.43% | 0.19% |
| APL Apollo Tubes Limited | 0.49% | 0.18% |
| Adani Green Energy Limited | 0.29% | 0.18% |
| RBL Bank Limited | 0.18% | 0.41% |
| Hitachi Energy India Limited | 0.17% | 0.63% |
| UPL Limited | 0.16% | 0.24% |
| HDFC Asset Management Co Limited | 0.14% | 0.28% |
| Cummins India Limited | 0.27% | 0.14% |
| PNB Housing Finance Limited | 0.23% | 0.13% |
| Maruti Suzuki India Limited | 0.12% | 1.28% |
| Tata Power Co Limited | 0.93% | 0.11% |
| Hindustan Aeronautics Limited | 0.78% | 0.10% |
| Bharat Electronics Limited | 0.98% | 0.10% |
| Hindalco Industries Limited | 0.59% | 0.10% |
| Interglobe Aviation Limited | 0.09% | 0.55% |
| Torrent Pharmaceuticals Limited | 0.07% | 0.12% |
| Union Bank Of India | 0.28% | 0.07% |
| Kalyan Jewellers India Limited | 0.08% | 0.07% |
| JSW Energy Limited | 0.06% | 0.20% |
| Federal Bank Limited | 0.06% | 0.79% |
| Lupin Limited | 0.06% | 0.46% |
| Cholamandalam Investment and Finance Co Limited | 0.38% | 0.06% |
| GMR Airports Limited | 0.63% | 0.06% |
| Indian Oil Corporation Limited | 0.09% | 0.06% |
| IndusInd Bank Limited | 0.18% | 0.06% |
| Cipla Limited | 0.26% | 0.05% |
| Ultratech Cement Limited | 0.26% | 0.05% |
| Ge Vernova T&D India Limited | 0.09% | 0.05% |
| Hindustan Zinc Limited | 0.07% | 0.04% |
| Bajaj Finserv Limited | 0.04% | 0.81% |
| Container Corporation Of India Limited | 0.14% | 0.03% |
| ICICI Lombard General Insurance Co Limited | 0.04% | 0.03% |
| Apollo Hospitals Enterprise Limited | 0.20% | 0.03% |
| SBI Life Insurance Co Limited | 0.03% | 0.06% |
| United Spirits Limited | 0.03% | 0.48% |
| AU Small Finance Bank Limited | 0.31% | 0.03% |
| Dabur India Limited | 0.05% | 0.03% |
| Inox Wind Limited | 0.06% | 0.03% |
| Bharat Petroleum Corporation Limited | 0.02% | 0.14% |
| Computer Age Management Services Limited | 0.02% | 0.03% |
| Eternal Limited | 0.02% | 0.07% |
| Bank of India | 0.17% | 0.02% |
| Fortis Healthcare Limited | 0.12% | 0.02% |
| Coal India Limited | 0.42% | 0.02% |
| Suzlon Energy Limited | 0.01% | 0.01% |
| DLF Limited | 0.01% | 0.04% |
| Bharat Forge Limited | 0.01% | 0.06% |
| Alkem Laboratories Limited | 0.01% | 0.11% |
| Tube Investments of India Limited | 0.01% | 0.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.4% means 44.4% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in DSP Arbitrage fund
| Security | % of fund |
|---|---|
| DSP Money Market Fund | 10.96% |
| Bank of Baroda | 2.89% |
| Indian Bank | 2.83% |
| National Bank For Agriculture & Rural Development | 1.44% |
| Small Industries Development Bank of India | 1.04% |
Largest holdings only in JM Arbitrage Fund
| Security | % of fund |
|---|---|
| JM Financial Mutual Fund | 7.82% |
| 364 Days Treasury Bill 06-Nov-2026 | 1.46% |
| 182 Days Treasury Bill 19-Nov-2026 | 1.46% |
| 364 Days Treasury Bill 03-Dec-2026 | 1.45% |
| 364 Days Treasury Bill 15-JAN-2027 | 1.44% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Arbitrage fund | JM Arbitrage |
|---|---|---|
| Equity | 66.9% | 77.1% |
| Debt | 19.3% | 7.3% |
| Cash and others | 13.8% | 15.6% |
Market cap of stocks
| Market cap | DSP Arbitrage fund | JM Arbitrage |
|---|---|---|
| Large Cap | 50.0% | 57.7% |
| Mid Cap | 12.8% | 13.0% |
| Small Cap | 4.2% | 6.4% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | DSP Arbitrage fund | JM Arbitrage |
|---|---|---|
| Banks | 19.9% | 23.7% |
| Finance | 5.0% | 6.3% |
| Telecom - Services | 5.6% | 6.2% |
| Ferrous Metals | 3.4% | 5.1% |
| Petroleum Products | 4.7% | 4.4% |
| Automobiles | 1.9% | 4.1% |
| Pharmaceuticals & Biotechnology | 3.4% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
DSP Arbitrage fund vs JM Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Arbitrage fund | JM Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.17% | 1.42% |
| Base expense ratio (Direct) | 0.31% | 0.35% |
| Total expense ratio (Regular) | 1.81% | 2.07% |
| Base expense ratio (Regular) | 0.85% | 0.91% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare DSP Arbitrage fund with
DSP Arbitrage fund vs JM Arbitrage Fund: Frequently Asked Questions
What is the difference between DSP Arbitrage fund and JM Arbitrage Fund?
Both are Arbitrage funds, run by DSP Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 44.4%. DSP Arbitrage fund charges 1.17% a year and JM Arbitrage Fund 1.42%.
Which has given higher returns, DSP Arbitrage fund or JM Arbitrage Fund?
Over 1 year: DSP Arbitrage fund +6.49%, JM Arbitrage Fund +6.43%. Over 3 years: DSP Arbitrage fund +7.18% a year, JM Arbitrage Fund +6.94% a year. Over 5 years: DSP Arbitrage fund +6.68% a year, JM Arbitrage Fund +6.44% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Arbitrage fund or JM Arbitrage Fund?
DSP Arbitrage fund charges less: 1.17% a year against 1.42%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Arbitrage fund and JM Arbitrage Fund overlap?
44.4%. They hold 102 of the same securities, the largest shared ones being RELIANCE, IDEA, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, DSP Arbitrage fund or JM Arbitrage Fund?
On SEBI's riskometer, DSP Arbitrage fund is rated Low and JM Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.08% and 1.14% a year.
Which is better for SIP, DSP Arbitrage fund or JM Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,29,779 in DSP Arbitrage fund (XIRR 7.0% a year) and ₹7,25,615 in JM Arbitrage Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP Arbitrage fund and JM Arbitrage Fund?
Yes. 44.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages DSP Arbitrage fund and JM Arbitrage Fund?
DSP Arbitrage fund: Kaivalya Nadkarni, Karan Mundhra. JM Arbitrage Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.